Indigenous innovation policies are unlikely to vault China to the forefront of global innovation. The costs, instead, will be extracted from the gains that American firms would otherwise enjoy in the Chinese market.

As the debt hangover works its way through the system, the outlook is for housing to continue along an extended rocky and bumpy bottom, generally moving sideways in nominal terms.

Judging by the all too many economic flashpoints around the globe, the Australian Reserve Bank's bet on a V-shaped global recovery would seem to be anything but a sure thing.

Chinese banks have become the world's largest ATMs for China's political and business elite.

There are many reasons to fear that the US economy could stall again early next year and to be deeply concerned about the renewed deflation in Japan and the growing tensions within the eurozone, and what these factors might mean for a meaningful global economic recovery.

Venezuelan dictator Hugo Chávez is cementing strategic relations with China; the United States can no longer afford to practice wishful thinking but must recognize the threat growing in Venezuela.

South Korea'sdecade-longexperiment in economic diplomacy with North Korea has proved to be a failure.

It is hard to see the economic rationale for future subsidies.